European shale reserves could rival USA

A new study prepared by Novas Consulting Ltd., show that potential reserves of Shale Gas in Europe could rival those of the USA.

Whilst much depends on the early test wells being drilled this year to demonstrate the viability of shale gas plays in Europe, Novas suggests that there will be continuing rapid growth in shale gas in Europe

The study estimates that shale gas could add at least 50% to proved gas reserves in Europe, which stood at 197 trillion cubic feet at end-2009 (Source: BP Statistical Review of World Energy 2010).

The Novas study examines the shale gas potential of all the sedimentary basins of Europe and identifies 'hot spots' based on their technical attractiveness.

Managing Director of Novas Consulting, Phil Clarke, commented: "This study has revealed some surprising data on European shale gas. Whilst we initially thought that this may be a niche market, our work has identified areas with substantial shale gas potential on a scale comparable to the most successful US shale gas basins.”

“Based on our analysis, we believe it could become a major contributor to European domestic gas supply. A lot will depend on the exploration wells being drilled this year, which will be watched with interest by the industry. In the course of our study, we've identified areas which have been overlooked in the frenzy of recent licensing activity and which, in our view, could be highly attractive,” said Clarke.

Novas Consulting is a technical consultancy serving the energy industry, specialising in integrated subsurface studies and due diligence support to E&P companies and investors.

Source: Novas Consulting Ltd.